- Standard Chartered’s Zodia Custody collaborates with OpenEden to offer institutional-grade staking services.
- The new product aims to tap into the dormant potential of billions in stablecoins to yield profits.
Unlocking Passive Earnings Through Staking
Standard Chartered, a behemoth in the banking sector boasting an estimated valuation of $819 trillion, has taken a giant stride forward in the crypto realm. Their dedicated crypto division, Zodia Custody, recently unveiled a forward-thinking service designed for crypto aficionados, aiming to facilitate passive income generation from digital assets.
In a decisive move geared towards institutional participation, Zodia Custody has joined forces with Singapore’s blockchain tech powerhouse, OpenEden. This collaboration has birthed the “Zodia Custody Yield” program, crafted with the intention of rendering staking services primarily to institutional clientele.
Zodia’s core mission with this partnership hinges on catering to the growing appetite for digital asset instruments that epitomize low-risk, transparency, and liquidity. The emphasis is clear: providing institutions with an avenue to harness the genuine yield potential akin to US Treasury bills. This potential is uniquely positioned, drawing strength from OpenEden’s platform. OpenEden’s system, heralded for its on-chain security, offers unparalleled transparency into real-world assets, all under the diligent oversight of regulated fund managers.
Targeting Dormant Stablecoin Assets
Jeremy Ng, the visionary co-founder at OpenEden, shed light on the primary ambition behind the program. His assertion centers around the enormous, yet largely untapped, capital stored in the form of stablecoins. Ng elucidates,
“Billions in stablecoins remain idle, missing out on lucrative yield generation opportunities. Recognizing this dormant potential, our unified vision with Zodia Custody is to unlock these gains for institutions.”
This mission, as per Ng, will be realized through a suite of service platforms tailored to ensure the digital asset market is accessible, transparent, and secure for both issuers and investors.
Echoing the significance of this launch, it’s crucial to note Zodia’s recent achievement. The institution earned the distinction of becoming the inaugural bank-owned entity to furnish digital asset custody solutions, a pivotal offering targeted towards financial institutions in Singapore. This innovation aligns with the global financial landscape’s evolving dynamics and the accelerating pace of digital asset adoption.
